FSMNX vs. FXAIX
Compare and contrast key facts about Fidelity SAI Municipal Income Fund (FSMNX) and Fidelity 500 Index Fund (FXAIX).
FSMNX is managed by Fidelity. It was launched on Oct 2, 2018. FXAIX is a passively managed fund by Fidelity that tracks the performance of the S&P 500 Index. It was launched on Feb 17, 1988.
Performance
FSMNX vs. FXAIX - Performance Comparison
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FSMNX vs. FXAIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
FSMNX Fidelity SAI Municipal Income Fund | -0.80% | 5.30% | 2.12% | 7.55% | -10.43% | 1.84% | 3.45% | 8.74% | 2.37% |
FXAIX Fidelity 500 Index Fund | -7.05% | 17.84% | 25.01% | 26.29% | -18.14% | 28.71% | 18.42% | 31.48% | -4.70% |
Returns By Period
In the year-to-date period, FSMNX achieves a -0.80% return, which is significantly higher than FXAIX's -7.05% return.
FSMNX
- 1D
- 0.10%
- 1M
- -2.97%
- YTD
- -0.80%
- 6M
- 0.67%
- 1Y
- 4.07%
- 3Y*
- 3.62%
- 5Y*
- 1.01%
- 10Y*
- —
FXAIX
- 1D
- -0.39%
- 1M
- -7.68%
- YTD
- -7.05%
- 6M
- -4.59%
- 1Y
- 14.42%
- 3Y*
- 17.17%
- 5Y*
- 11.40%
- 10Y*
- 13.75%
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FSMNX vs. FXAIX - Expense Ratio Comparison
FSMNX has a 0.36% expense ratio, which is higher than FXAIX's 0.02% expense ratio.
Return for Risk
FSMNX vs. FXAIX — Risk / Return Rank
FSMNX
FXAIX
FSMNX vs. FXAIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity SAI Municipal Income Fund (FSMNX) and Fidelity 500 Index Fund (FXAIX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| FSMNX | FXAIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.05 | 0.84 | +0.21 |
Sortino ratioReturn per unit of downside risk | 1.43 | 1.30 | +0.14 |
Omega ratioGain probability vs. loss probability | 1.30 | 1.20 | +0.10 |
Calmar ratioReturn relative to maximum drawdown | 1.05 | 1.05 | -0.01 |
Martin ratioReturn relative to average drawdown | 3.79 | 5.13 | -1.33 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FSMNX | FXAIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.05 | 0.84 | +0.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.25 | 0.68 | -0.43 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.77 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.55 | 0.75 | -0.20 |
Correlation
The correlation between FSMNX and FXAIX is 0.03, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
FSMNX vs. FXAIX - Dividend Comparison
FSMNX's dividend yield for the trailing twelve months is around 3.37%, more than FXAIX's 1.20% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSMNX Fidelity SAI Municipal Income Fund | 3.37% | 4.38% | 3.52% | 2.98% | 1.74% | 1.55% | 1.96% | 3.57% | 0.65% | 0.00% | 0.00% | 0.00% |
FXAIX Fidelity 500 Index Fund | 1.20% | 1.11% | 1.25% | 1.45% | 1.69% | 1.22% | 1.60% | 2.06% | 2.72% | 1.97% | 2.52% | 2.83% |
Drawdowns
FSMNX vs. FXAIX - Drawdown Comparison
The maximum FSMNX drawdown since its inception was -15.85%, smaller than the maximum FXAIX drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for FSMNX and FXAIX.
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Drawdown Indicators
| FSMNX | FXAIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.85% | -33.79% | +17.94% |
Max Drawdown (1Y)Largest decline over 1 year | -4.57% | -12.13% | +7.56% |
Max Drawdown (5Y)Largest decline over 5 years | -15.85% | -24.50% | +8.65% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.79% | — |
Current DrawdownCurrent decline from peak | -2.97% | -8.89% | +5.92% |
Average DrawdownAverage peak-to-trough decline | -3.72% | -3.83% | +0.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.26% | 2.50% | -1.24% |
Volatility
FSMNX vs. FXAIX - Volatility Comparison
The current volatility for Fidelity SAI Municipal Income Fund (FSMNX) is 1.11%, while Fidelity 500 Index Fund (FXAIX) has a volatility of 4.24%. This indicates that FSMNX experiences smaller price fluctuations and is considered to be less risky than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSMNX | FXAIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.11% | 4.24% | -3.13% |
Volatility (6M)Calculated over the trailing 6-month period | 1.78% | 9.08% | -7.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.71% | 18.13% | -13.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.09% | 16.88% | -12.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.64% | 18.03% | -13.39% |